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In the past ten years alone adverse weather events have cost Australians $35 billion. This figure has doubled since the 1970’s and is only set to rise. Having large implications not only for everyday Australians but also for business owners. Making it increasingly important to obtain business insurance with an adequate level of cover.

The harsh impacts of climate change and rising sea levels is set to cost our economy $100 billion per year, according to a recent report by the Climate Council. The cost of extreme weather events is set to rise rapidly, increasing the value of insurance products.

The council specifically said the world is transitioning into a “decisive and transformative” time for climate action. Immediate action needs to be taken to ensure Australia can halve emissions by 2030 and achieve net zero emissions by 2040.

The council also mentioned that Australia has a lot to lose from climate change induced extreme weather events. On the other hand, we will see a great benefit from the zero-carbon economy. From being one of the largest exporters of fossil fuels to becoming a global leader in clean industries and renewable energy. Success is the only option.

Did you know that Australian are five times more likely to become displaced from a disaster caused by climate change than individuals residing in Europe? The cost of climate change for Australians will rise even further in the coming decades, projected to surpass $100 billion p.a by 2038.

The past few years we have experienced a “era of megafire” throughout Australia and also globally. These disasters including floods, fires and storms caused economic losses of $272 billion in 2020.

General Manager at Risk Frontiers Andrew Gissing advocates insurance having an important role in managing the increase in natural disasters.

Any business owner who isn’t confident that they are adequately insured for adverse weather events may want to consult an insurance broker, such as Craig at Business Insurance Consulting. A broker can analyse relevant product disclosure statements and find the optimum insurance for your business.

Gissing told insuranceNews.com.au that “climate change will see the potential for more frequent extreme weather events and with that a rise in average annual losses associated with those”

He goes on to say that minimising the risk is essential, by reducing the impacts of climate change and reducing carbon emissions.

This will lead to more affordable insurance for everyday Australians as well as Australian business owners. Creating a positive outcome for all parties involved.

There have been calls from the insurance industry for a while for reform and action nationally by both Australians and the Australian Government. With some action being taken already by various states and territories.

Craig at Business Insurance Consulting can assist you with any queries in regard to adequate insurance, for your business, in the event of adverse weather.

If you are a small business owner that makes or sells products or interacts with the general public, it is important to consider obtaining public liability insurance. Lawsuits could have a detrimental effect on any industry if a business isn’t adequately insured. 

Public Liability Insurance 

This type of insurance covers general negligence, causing injury, as a result of your business. It is designed to protect your business against claims from accidents or injuries as well as accidental damage to property owned by someone else. A business owner or sole trader is accountable for customers, suppliers and anyone else who has involvement in the business. This should not be confused with professional indemnity insurance, which covers negligence in your business’ service.

If an accident or injury occurs your business may be liable for hefty legal fees as well as covering the cost of the damage or injury caused. If you are conducting business activities in public spaces, have people visit your work premises, work at other people’s premises or even manufacture goods your business may have legal liability in the event of damage or personal injury. Public liability insurance is the best defence against property damage or personal injury. 

Examples of claims:

A small toy business makes a toy that has a sharp edge and injuries a child playing with it. The parent may then make a claim against the toy business for the injury caused by the defective toy. 

If the toy business didn’t have public liability insurance they may have to foot the bill for legal fees and any other compensation.

A shop owner cleans their floors. It is mostly dry besides a small patch. A patron then enters the store and slips. The patron may make a claim against the business in the case of injury. 

This is another example where it is important to have the correct amount of public liability insurance cover for any legal fees and compensation.

Level Of Cover

Having an adequate level of insurance cover for your business needs is vital. Many events that occur leading up to claims being made towards businesses are unforeseen. Being sued for negligence can be costly to your business and have long-lasting negative impacts. It is important to find out exactly how much cover your business needs, as some industries require a certain level of cover in order to legally operate.

The Real Cost Of Public Liability

Although public liability insurance is not compulsory, by law, in Australia, some industries and occupations require business owners to obtain a policy. Depending on where you live you may be required to have public liability insurance in order to operate. 

If you hire a public venue you may also be required to obtain a policy in order to hire the space. Public liability insurance provides you with peace of mind in the unfortunate event of an accident or injury to another person in your workspace. Not having adequate cover could have a costly effect on your business. It may be in your best interest to engage with a business insurance consultant to decipher what kind of policy would suit your business.

Engaging With A Business Insurance Consultant

Public liability insurance cover is commonly purchased with the assistance of insurance brokers who specifically specialise in business insurance. Business insurance professionals have the ability to find a policy to suit your specific needs. They have the skills to negotiate insurance policy contracts and review relevant product disclosure statements.

Business Insurance Consulting offers a highly professional service for your business liaising with insurance companies, providing you with insurance quotes and can assist in finding you the right level of cover. If you have any enquiries regarding business insurance or to discover the optimum cover for your business contact Craig at Business Insurance Consulting today.